I speak and write about investor protection, money management, health economics, ecology and social issues. My latest book is "Keynes's Way to Wealth," a revealing look inside the successful portfolios of the world's most famous economist. All told, I've written 14 books including The Cul-de-Sac Syndrome and iMoney: Profitable ETF Strategies for Every Investor and write a column for Reuters.com. I speak across the U.S. and my writing also appears in the New York Times, Morningstar.com and other national publications. This blog delves into financial and social deceptions.

Do Kids Cost Too Much? Four Ways To Save Big

For those of you who have children, you already know how much it costs to raise and educate them. It’s a pretty steep bill.

By the time you work your way through nannies, music/dance lessons, sports and various other activities, you face the mother of all child expenses: college. Fortunately, there are some powerful ways to save on these items.

For a rough estimate of how much it costs to raise a child to adulthood, we have a new study from BMO Harris. The bank found that each child cost (on average) $795 per month, although some surveyed said that the number was closer to more than $2,000 a month.

Of course, nobody really figures on child raising to be so expensive. And it largely depends upon where you live. In New York City, where pre-schools can cost a fortune, that $2,000 a month is at the very low end. In the Midwest, where I live, you’ll spend a lot less.

Not surprisingly, more than 80 percent of those surveyed were concerned about college and healthcare in addition to their own retirement. But you don’t have to go into crippling debt to prepare new souls for this challenging world. Here are four ways to save:

* Childcare doesn’t have to break the bank: Check Local Networks. When our daughters were toddlers, both my wife and I worked. I had a long commute, so I wouldn’t get home until late while my wife was running a business from a home office.

At first, we explored local daycare chains, which were expensive. Then we asked around and found a nanny from Poland who came into our home. We found that there are networks of women in nearly every neighborhood who are available for childcare. Just be sure to get references.

* College Savings Can Be Simple. Since we waited 10 years after we got married to have children (this is not necessarily a good thing), we had a lot of time to think about and plan for college savings. When we started, 529 college savings plans were in their infancy, but offered by every state. They are generally a good idea. Your state plan will allow you to save tax-free and withdraw the proceeds tax free — if used for college.

What nobody tells you is that some state 529 plans are awful. Some are poorly managed and loaded with fees. Another little-known fact: You don’t have to invest in your own state’s plan. You can go out of state, but be careful: You may pay state income tax when you withdraw.

When vetting a college savings plan, don’t look at the options, look at the underlying expenses. Don’t buy a 529 plan through a broker. Find plans offering index funds and “age-adjusted” programs that lower risk as the child gets older. That’s what we’ve done.

We invested in the Upromise plan, which initially held Vanguard mutual funds, but now offers even-cheaper iShares funds. Although the program is geared to get you to spend money with approved vendors, a percentage of your spending goes into a college savings fund. We mostly ignore those vendors and use the Upromise credit card to save.

While I’m not endorsing the Upromise program — they could offer a much higher savings rebate — the key is to find a low-cost 529 plan and save as much as you can. Morningstar (whom I also write for), does a good job in evaluating them.

* Invest in Your Kids Through Travel. By “invest,” I don’t necessarily mean soccer and computer camps, which are fine, too. Show them the world as it is.

We have been to places off the beaten path that gave them an appreciation of the real world. We avoided overpriced theme parks. We’ve explored the jungles of Costa Rica, the streets of Manhattan, Northern Ireland, the Mississippi Delta, the Florida Everglades and swam in the Colorado River. For many of these trips, we tried to avoid flying and took the train (Amtrak). You meet a lot more people and see more of the country. Some of the routes are spectacular; you will never see these things from the window of a plane.

I’ve always considered vacations to be investments in education. That’s why I’d favor a national park over a theme park. Your kids will learn much more in a natural setting vs. an artificial one — and you’ll save a lot of money. Just don’t go into debt for a vacation.

* Ditch the Debt. There are only a handful of things worth getting into debt over: Homes, businesses and cars. College isn’t on my list. There are myriad ways to reduce college costs before the final bill comes due.

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